starts have exceeded the market's ability to absorb. >> i listened to the terrific debate this morning on "squawk," and steve liesman said something pretty profound, which is some people think this may be the new normal, but we're so well below how many homes we used to build. i think these are all noise. i trust toll brothers. toll brothers, i remember when things were bad, i wanted bob toll to come on the show and say, come on, he says, you know what, jim, you've been goading me. you're right, there is light at the end of the tunnel. i've had enough. when he goes bullish, i am not about to question him. when he was bearish, he was right. >> i think the bigger issue for this company at this point in terms of the stock reaction, if you read the metrics, they all looked good. i'm with you, jim. you read through the press release and everything looks good. they gained market shares, so they weren't giving up on margins to gain the market share. the problem is, it trades at a 42 forward multiple.